The U.S. housing recoveries — recoveries, not recovery, because there are hundreds of regional and metropolitan housing markets with different trajectories — continue to make slow, painstaking progress. See, for example, Andrew Winkler's excellent summary of the Florida experience. Unfortunately, the only thing moving slower is reform of the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac that were at the center of the bubble and collapse.
Outside of routine airworthiness directives, it was a slow week for regulations. In total, regulators added $128 million in costs, more than 730,000 burden hours, and no monetized benefits. Regulatory capital requirements and fire safety standards for Medicare and Medicaid providers led the week.
Today marks that most melancholy of days for American checkbooks: Tax Day. And it is yet another 15th of April where the funds flowing out of the Treasury will far exceed those flowing into it. While it is natural that such an occasion usually inspires a discussion of our fiscal imbalance, it is also important to examine particular trends in spending and their implications for the most active regulatory programs.
Today is April 15, Tax Day, the date by which approximately 150 million Americans will have undergone the thankless task of complying with the nation’s broken tax code. The figures for cost and the time it takes the average taxpayer to comply with Internal Revenue Service (IRS) forms are truly staggering.
This week regulators added more than $1 billion in new regulatory costs, led by rearview cameras standards for vehicles. Annualized costs were also $1 billion, compared to $774 million in benefits, and 616,000 paperwork burden hours.
The National Highway Traffic Safety Administration (NHTSA) recently released its long-anticipated final rule on rearview visibility requirements for passenger vehicles. The rule enacts a major part of the Cameron Gulbransen Kids Transportation Safety Act of 2007.
Regulators only published $17 million in new regulatory costs this week, a sharp decline from last week’s nearly $8 billion in total burdens.
AAF Regulatory Policy Director Sam Batkins makes AAF's vending machine compliant with the Affordable Care Act's calorie labeling regulations. He demonstrates how the vending machine regulations are redundant, expensive, and unnecessary, (April 3, 2014).
Under the Congressional Review Act (CRA), Congress has the right to review and rescind “major” federal regulations, rules with an annual economic impact of $100 million or more. However, during the Obama Administration, there are likely several rules that impose substantial economic burdens, but instead were labeled “non-major,” including the individual and employer mandates under the Affordable Care Act.
Every year the federal government publishes roughly 80,000 pages of new regulations. This doesn’t even include regulatory guidance. If you’re looking for reliable and comprehensive information about one of these regulations, good luck.